Reported by the Bitcoin Exchange Guide earlier today, a man by the alias of ‘Coin Young Master” was reported to authorities for conducting a fraudulent investment scheme.
The man behind Coin Young Master is a fellow named Wong Ching-Kit. Wong operates a crypto mining hardware company and is the self proclaimed co-founder of the ‘File Cash Coin’.
Wong is accused of duping investors out of millions of dollars. The sales pitch? You buy his mining gear for minging File Coin, you make dividends within the first quarter. Wong’s four lead investors have reported a combined loss of HK$3 million (approx. $383,000 USD) and are currently demanding a full refund. A Hong Kong police spokesperson also indicates that another 9 investors have reported the loss of an additional HK$940,000 combined from 9 other key investors. All of the above reported investors have reported to the local police.
Wong took to social media in attempts to defend himself and wrote the following;
“I sell mining machines only but am treated as if I have killed people. When they make money, there is no thank you. When they lose money, they call it a scam.”
But Wong is no stranger to being reported to the authorities. Last month a person dumped over HK$6,000 off a rooftop to the citizens below and promoted cryptocurrency while doing so. The person reported to be behind this display (though not confirmed) is reported to be Wong. Wong was videotaped just before the incident and made a comment about ‘money falling from the sky’. Wong was found in the area and arrested after the stunt but has since been released on bail.
An investigation is currently being conducted by local authorities regarding File Coin, its mining ware, and Wong.